金融资产配置与企业投融资变动：理论与来自中国的实证检验
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| Title | Financial Asset allocations and Corporate Financing and Investment Decisions: Theory and Evidence from China
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| 作者 | 张军 刘贯春 刘媛媛 |
| Author | Zhang Jun,Liu Guanchun and Liu Yuanyuan |
| 作者单位 | 复旦大学经济学院 |
| Organization | FUDAN University |
| 作者Email | junzh_2000@fudan.edu.cn； |
| 中文关键词 | 金融资产配置；固定资产投资；杠杆率；蓄水池；替代品 |
| Key Words | Financial asset allocations; Fixed investment; Leverage; Reservoir; Substitution |
| 内容提要 | 将金融资产划分为流动型和投资型两大类，引入传统的三期动态投融资模型并拓展到无限期框架，本文考察了金融资产配置对企业投融资决策的多重影响。理论分析表明，流动性金融资产配置有助于降低企业杠杆率，并促进未来时期的固定资产投资，即扮演着“蓄水池”功能；而投资性金融资产配置提升企业杠杆率的同时会挤出未来时期的固定资产投资，即扮演着“替代品”功能。特别地，流动性金融资产配置的“蓄水池”功能在不同期限保持一致，但投资性金融资产配置的“替代品”功能在长期将发生反转，资金池的增加会降低企业杠杆率并“挤入”固定资产投资。随后，基于2007-2015年中国非金融类上市公司的半年期数据，以金融资产持有份额和金融渠道获利分别作为流动性金融资产和投资性金融资产的度量指标，本文实证检验了金融资产配置对企业投融资变动的短期影响和长期影响，结果证实了上述理论推测。 |
| Abstract | Dividing financial assets into liquid assets and speculative assets, this paper builds an extended three-stage dynamic model to explore the effects of financial asset allocations on corporate financing and investment decisions. Theoretical analysis show that, holding liquid assets lowers leverage and promotes fixed investment, while allocating speculative assets plays an adverse role. Specifically, the reservoir roles of liquid assets maintain consistent, but the substation roles of speculative asset change into reservoir in the long run since providing more capital with higher return. Furthermore, using the semi-annual nonfinancial listed firms from 2007 to 2015, this paper measures the allocations of liquid assets and speculative assets with the ratios of financial assets holding and financial profits, and then conducts series of empirical tests. The results support the previous theoretical predictions. |
| 文章编号 | WP1322 |
| 登载时间 | 2019-01-08 |
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